PNB generates profits in first year of UK operations

PNB generates profits in first year of UK operations

London: In the first year of its operations, the UK branches of the Punjab National Bank recorded profits and has now introduced new services to its growing base of customers here.

“Despite the present economic downturn the bank is able to generate profits from the first year itself. The bank is helping the Indian corporates to set up business in UK and vice versa. The Bank has also become popular among Indian diaspora due to its customer friendly approach and very attractive remittance facilities", Nagesh Pydah, executive director of PNB said.

UK-based Punjab National Bank (International) Limited, a 100% subsidiary of Punjab National Bank launched On-Line Deposit products this week, under the name of NET-SAVE and NET-FIXED for individuals who are resident of UK.

The bank’s UK operations were launched in May 2007 and since then the bank acquired more than 9000 deposit accounts through its four branches at London, Southall, Leicester and Birmingham, Pydah said.

Mukesh Khurana, manager of the bank’s Leicester branch which was opened earlier this year, told PTI that the branch was welcomed enthusiastically in the town with a large minority of people of India origin.

The total customer deposits have reached $225 million and customer advances $375 million. With the capital base of $75 million, the bank has been able to build a balance sheet size of around $600 million.